OKX to adjust the minimum order quantities for several futures
To continually improve the trading experience and reduce costs for our traders, OKX will adjust the minimum order quantities for some perpetual and expiry futures. This update is scheduled for 8:00 am - 10:00 am UTC on March 28, 2024. Corresponding adjustments to step size will also be implemented.
The specific adjustments are as follows:
| Instrument | Trading pair | Minimum order quantity, step size (contracts) (Before) | Minimum order quantity, step size (contracts) (After) |
|---|---|---|---|
| Perpetual | ADA/USDT | 1 | 0.1 |
| Perpetual | ARB/USDT | 1 | 0.1 |
| Perpetual | AVAX/USDT | 1 | 0.1 |
| Perpetual | BCH/USDT | 1 | 0.1 |
| Perpetual | BSV/USDT | 1 | 0.1 |
| Perpetual | DOGE/USDT | 1 | 0.1 |
| Perpetual | ETC/USDT | 1 | 0.1 |
| Expiry | ETC/USDT | 1 | 0.1 |
| Perpetual | MKR/USDT | 1 | 0.1 |
| Perpetual | NEAR/USDT | 1 | 0.1 |
| Perpetual | PEPE/USDT | 1 | 0.1 |
| Perpetual | SOL/USDT | 1 | 0.1 |
| Perpetual | TRX/USDT | 1 | 0.1 |
| Perpetual | XRP/USDT | 1 | 0.1 |
| Expiry | XRP/USDT | 1 | 0.1 |
For more information, please visit the OKX website: Trading rules
Please note: All trading activities, including order placement, fund transfers, and leverage adjustments, will remain unaffected during the adjustment period for step size and minimum order quantity.
1. Understanding step size and minimum order quantity
Step size is defined as the smallest possible increment or decrement in the number of contracts placed for perpetual and expiry futures. For instance, in the ETHUSDT perpetual futures with a contract size of 0.1 ETH, the updated step size is set at 0.1 contracts. This means the minimum fluctuation in the contracts ordered is 0.1 contracts (equivalent to 0.01 ETH).
Minimum order quantity is the smallest number of contracts permissible for an order in perpetual and expiry futures. It must be an integer multiple of the step size. Traders must place orders equal to or larger than this minimum order quantity. For instance, in the ETHUSDT perpetual futures with a contract size of 0.1 ETH and a step size of 0.1 contracts, the minimum order quantity is set at 1 contract (0.1 ETH). This implies that order quantities must be greater than or equal to 1 contract (0.1 ETH), but can be increased in increments based on step size, such as 1.1 contracts, 1.2 contracts, and so on.
2. Display rules for open positions and open orders
Upon adjusting the step size, if the new step size is less than 1, both position contract sizes and order quantities will be displayed in decimals. This applies to unfulfilled, partially filled, completely filled, and open orders, as well as the sizes of open positions.
For instance, the SHIBUSDT perpetual futures has a contract size of 1,000,000 SHIB. Currently, the step size is set at 1 contract, order quantity of 10 contracts (10,000,000 SHIB) and a position size of 1 contract (1,000,000 SHIB). After adjusting the step size to 0.1 contracts, the order quantity will be displayed as 10.5 contracts (10,500,000 SHIB) and the position size as 1.5 contracts (1,500,000 SHIB).
(This adjustment is applicable to API users, bot traders, and copy traders.)
3. Order processing rules
For new orders, traders must ensure that the quantity placed or modified is an integral multiple of the step size and at least equal to the minimum order quantity.
Take the SHIBUSDT perpetual contract as an example: with a contract size of 1,000,000 SHIB, both the current step size and the minimum order quantity are set at 1 contract. This means that when placing or modifying orders, the quantities must be in integral multiples of 1 contract (1,000,000 SHIB), with the smallest permissible order being 1 contract (1,000,000 SHIB).
When the step size is adjusted to 0.1 contracts, any order placed or modified must be in integral multiples of 0.1 contracts (100,000 SHIB); and after adjusting the minimum order quantity to 0.1 contracts, the order size must be greater than or equal to 0.1 contracts (100,000 SHIB).
(These rules are also applicable to API users, bot traders, and copy traders.)
4. API interface adjustment rules
Post-adjustment, the API endpoint (/api/v5/public/instruments) and the WebSocket channel (Instruments) will reflect the updated values for step size (lotSz) and minimum order quantity (minSz).
More details: https://www.okx.com/docs-v5/log_en/#upcoming-changes-lot-size-change-for-futures-contracts
Risk warning: The foregoing overview and information, some of which may be provided by third parties and not OKX, are for informational and educational purposes only. OKX does not guarantee the accuracy or completeness of any information contained herein and such information does not constitute any representation, warranty nor any financial, investment or other form of advice by OKX. Such information may not be suitable for all persons; it should not be relied upon in connection with a particular investor's trading; and, is not intended to be, nor should be construed as, an offer, recommendation or solicitation. Such information is also not intended for persons who reside in jurisdictions where providing such information would violate the laws or regulations of such jurisdiction. Digital assets are highly speculative and subject to high volatility, may become illiquid at any time, and that investors may lose the entire value of their investment. Before trading any digital asset, you should do your own research and evaluate your risk appetite. OKX is not responsible for any losses which you may incur from trading digital assets. Please refer to Terms of Service and Risk & Compliance Disclosure for more information.
OKX team
March 21, 2024